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Swing Capital

Syngene International Ltd

NSE: SYNGENE BSE: 539268Pharma

Syngene (established in 1993) as a Biocon subsidiary is India's first Contract Research Organization (CRO) which expanded later to be an integrated service provider offering end-to-end drug discovery, development, and manufacturing services on a single platform (CRAMS). Total research & manufacturing infrastructure for the company is spread across 1.9 million square feet across locations. [1]

₹466
52W: ₹380 — ₹729
PE 51.9 · Book ₹117 · +298% vs book
Market Cap₹18,785 Cr
Stock P/E51.9Price to Earnings
ROCE10%Return on Capital
ROE7.74%Return on Equity
Div. Yield0.28%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.

Weaknesses

  • −Stock is trading at 3.97 times its book value
  • −The company has delivered a poor sales growth of 9.45% over past five years.
  • −Company has a low return on equity of 9.70% over last 3 years.
  • −Dividend payout has been low at 12.7% of profits over last 3 years

Shareholding Pattern

Promoters52.68%
FIIs13.91%
DIIs26.44%
Public6.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.72%54.72%52.74%▼2.052.74%52.68%▼0.152.68%52.68%52.68%
FIIs20.64%20.72%▲0.120.65%▼0.119.47%▼1.216.51%▼3.016.31%▼0.214.96%▼1.313.91%▼1.1
DIIs16.78%17.49%▲0.719.52%▲2.021.5%▲2.024.05%▲2.624.62%▲0.625.83%▲1.226.44%▲0.6
Public7.44%6.74%▼0.76.79%▲0.05.99%▼0.86.45%▲0.56.08%▼0.46.22%▲0.16.69%▲0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales792865726821877948799830834960
Expenses592565578613626638631653650676
Operating Profit200299148209251310168178185284
OPM %25%35%20%25%29%33%21%21%22%30%
Net Profit1001907497123174746616148
EPS ₹2.484.721.842.43.064.331.841.640.413.68

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,424Cr, up 1.5% YoY. OPM at 24%.

Debt Position

Borrowings at ₹201Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹536Cr (22% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 26.44% (+15.24pp change). FIIs: 13.91% (-9.28pp change). Promoters hold 52.68%.

Margin & Efficiency

ROCE declining from 23% (Mar 2015) to 10% (Mar 2026). Working capital days: -28.

Valuation

PE 51.9x with 10% ROCE. Price is 298% above book value of ₹117. Dividend yield: 0.28%.

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